Vident International Equity Fund Schedule of Investments May 31, 2020 (Unaudited)

Shares Security Description Value COMMON STOCKS - 97.6% Australia - 3.6% 214,035 AGL Energy Ltd. $ 2,381,198 1,486,544 Beach Energy Ltd. 1,593,628 279,415 BlueScope Steel Ltd. 2,045,794 439,425 Challenger Ltd. 1,461,366 261,808 Coles Group Ltd. 2,669,382 342,320 Fortescue Metals Group Ltd. 3,158,521 58,824 JB Hi-Fi Ltd. (a) 1,449,436 636,656 Qantas Airways Ltd. 1,686,220 16,445,545 Belgium - 0.4% 86,108 Proximus SADP 1,800,222 2,702 UCB SA 270,501 2,070,723 Brazil - 1.9% 172,217 Cia de Saneamento Basico do Estado de Sao Paulo 1,711,040 382,291 EDP - Energias do Brasil SA 1,248,001 398,774 JBS SA 1,611,660 931,344 Minerva SA/Brazil (b) 2,255,008 744,549 TIM Participacoes SA 1,824,667 8,650,376 Canada - 4.1% 81,127 Air Canada (b) 933,236 767,407 Crescent Point Energy Corporation 1,077,101 111,481 Great-West Lifeco, Inc. 1,808,280 45,344 iA Financial Corporation, Inc. 1,442,465 55,135 Magna International, Inc. 2,315,973 141,266 Manulife Financial Corporation 1,747,684 34,247 Onex Corporation 1,600,853 147,282 Parex Resources, Inc. (b) 1,649,490 226,312 Power Corporation of Canada 3,669,261 60,380 Sun Life Financial, Inc. 2,063,195 38,149 Whitecap Resources, Inc. 56,028 18,363,566 Chile - 0.8% 14,381,612 Enel Americas SA 2,080,797 682,057 Falabella SA 1,579,777 3,660,574 China - 3.6% 178,500 Anhui Conch Cement Company Ltd. - Class H 1,336,850 1,989,000 China Medical System Holdings Ltd. 2,265,884 1,789,000 CNOOC Ltd. 1,991,881 3,977,500 Great Wall Motor Company Ltd. - Class H (a) 2,519,614 651,000 KWG Group Holdings Ltd. 908,763 3,058,000 Lenovo Group Ltd. 1,660,970 909,164 Qudian, Inc. - ADR (b) 1,363,746 1,449,500 Sinotruk Hong Kong Ltd. 3,519,493 770,000 Yanzhou Coal Mining Company Ltd. - Class H 588,105 16,155,306 Colombia - 0.3% 2,992,636 Ecopetrol SA 1,603,937 Denmark - 1.1% 2,290 AP Moller - Maersk A/S - Class B 2,238,498 68,218 H Lundbeck A/S 2,620,519 4,859,017 France - 0.6% 58,400 Criteo SA - ADR (b) 598,600 66,082 Peugeot SA (b) 941,246 87,546 Societe Generale SA (b) 1,288,552 2,828,398 Germany - 4.5% 11,399 Allianz SE 2,064,500 330,046 Deutsche Bank AG (b) 2,764,824 183,558 Deutsche Lufthansa AG (b) 1,866,615 14,726 Hannover Rueck SE 2,368,609 27,132 Hella GmbH & Company KGaA 1,059,325 1,299 HOCHTIEF AG 114,295 13,574 Merck KGaA 1,557,462 9,690 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 2,205,310

18,240 Rheinmetall AG 1,480,301 22,672 Siltronic AG 2,211,718 18,240 Rheinmetall AG 1,480,301 22,672 Siltronic AG 2,211,718 57,525 Suedzucker AG 860,635 60,343 Uniper SE 1,886,138 20,439,732 Hong Kong - 6.5% 323,000 China Mobile Ltd. 2,254,457 2,336,000 China Resources Cement Holdings Ltd. 2,932,432 1,251,400 China Taiping Insurance Holdings Company Ltd. 1,856,677 3,344,000 China Unicom Hong Kong Ltd. 1,937,113 1,644,000 Geely Automobile Holdings Ltd. (a) 2,248,278 917,000 Haier Electronics Group Company Ltd. 2,555,438 3,378,000 Kunlun Energy Company Ltd. 2,070,120 2,731,000 Nine Dragons Paper Holdings Ltd. 2,388,876 831,000 Shimao Property Holdings Ltd 3,452,226 275,000 Sino Biopharmaceutical Ltd. 432,847 1,885,000 Sun Art Retail Group Ltd. 2,884,286 1,082,000 The Wharf Holdings Ltd. (a) 1,929,201 2,845,000 WH Group Ltd. (c) 2,451,890 29,393,841 India - 0.0% (d) 16,397 Tata Motors Ltd. - ADR (b) 93,627 Indonesia - 0.9% 115,600 Astra International Tbk PT 37,742 5,000,600 Bank Mandiri Persero Tbk PT 1,529,958 5,146,600 Bank Negara Indonesia Persero Tbk PT 1,349,177 4,949,800 Telekomunikasi Indonesian Persero Tbk PT 1,067,205 3,984,082 Ireland - 1.1% 16,793 Endo International PLC (b) 64,821 19,972 Jazz Pharmaceuticals PLC (b) 2,383,059 49,337 Perrigo Company PLC 2,702,188 5,150,068 Israel - 2.0% 636,220 Israel Discount Bank Ltd. 2,017,584 80,124 Mizrahi Tefahot Bank Ltd. 1,569,363 65,091 Plus500 Ltd. 1,067,455 287,094 Teva Pharmaceutical Industries Ltd. (b) 3,565,525 46,329 Tower Semiconductor Ltd. (a) (b) 953,319 9,173,246 Italy - 0.8% 145,937 Assicurazioni Generali SpA 2,026,722 88,106 Eni SpA 796,090 452,518 UnipolSai Assicurazioni SpA 1,008,728 3,831,540 Japan - 8.6% 94,700 Alfresa Holdings Corporation 1,910,086 580,000 Citizen Watch Company Ltd. 2,072,678 107,000 Dai Nippon Printing Company Ltd. 2,432,292 66,700 Denso Corporation 2,557,550 211,400 Haseko Corporation 2,576,398 233,600 K’s Holdings Corporation 2,992,231 5,400 Makino Milling Machine Company Ltd. 167,160 130,500 Medipal Holdings Corporation 2,588,560 35,000 Otsuka Holdings Company Ltd. 1,580,173 43,900 Sawai Pharmaceutical Company Ltd. 2,420,439 77,500 Seven & i Holdings Company Ltd 2,652,272 140,200 Showa Corporation 2,926,716 105,600 Stanley Electric Company Ltd. 2,567,099 170,000 SUMCO Corporation 2,605,189 47,200 Suzuken Company Ltd. 1,715,209 90,700 Taiyo Yuden Company Ltd. 2,525,642 155,500 Yamazaki Baking Company Ltd. (a) 2,787,121 39,076,815 Malaysia - 1.3% 1,895,500 Genting Bhd 1,743,991 1,460,000 MISC Bhd 2,787,349 3,021,900 Sime Darby Bhd 1,452,736 5,984,076 Mexico - 2.3% 3,615,418 Alfa SAB de CV 1,921,274 3,507,357 America Movil SAB de CV - Series L 2,336,151 1,632,715 Cemex SAB de CV 387,341 1,706,291 Fibra Uno Administracion SA de CV (e) 1,311,538 85,485 Fomento Economico Mexicano SAB de CV 579,590 379,342 Grupo Aeroportuario del Centro Norte SAB de CV 1,673,889 1,042,739 Grupo Mexico SAB de CV 2,250,890 10,460,673 Netherlands - 2.1% 35,955 EXOR NV 1,938,130 117,954 Koninklijke Ahold Delhaize NV 2,992,804 133,515 Mylan NV (b) 2,279,101 59,901 Signify NV (b) (c) 1,281,308 681,338 VEON Ltd. - ADR 1,015,194 9,506,537 Norway - 5.1% 94,142 Aker BP ASA 1,512,350 2,657,945 DNO ASA 1,375,985 146,618 Equinor ASA 2,129,096 429,163 Leroy Seafood Group ASA 2,408,044 111,564 Mowi ASA 2,100,975 865,445 Norsk Hydro ASA (b) 2,197,413 297,075 Orkla ASA 2,669,355 2,671 Salmar ASA 120,138 361,454 Storebrand ASA 1,855,956 157,849 Telenor ASA 2,393,681 104,967 TGS NOPEC Geophysical Company ASA 1,495,649 77,828 Yara International ASA 2,663,086 22,921,728 Republic of Korea - 7.9% 40,033 Daelim Industrial Company Ltd. 2,983,605 72,741 Hankook Tire & Technology Company Ltd. 1,377,348 13,573 Hyundai Mobis Company Ltd. 2,170,014 78,596 Kia Motors Corporation 2,173,615 49,442 LG Electronics, Inc. 2,367,403 22,380 LG Innotek Company Ltd. 2,665,469 249,010 LG Uplus Corporation 2,644,016 44,897 NHN Corporation (b) 3,164,850 14,189 POSCO 2,073,728 25,371 Samsung Electro-Mechanics Company Ltd. 2,560,761 56,107 Samsung Electronics Company Ltd. 2,296,924 186,419 Samsung Engineering Company Ltd. (b) 1,821,365 12,706 Samsung Fire & Marine Insurance Company Ltd. 1,872,377 5,639 Shinsegae, Inc. 1,115,552 34,564 SK Hynix, Inc. 2,274,590 33,371 Soulbrain Company Ltd. 2,174,524 35,736,141 Russian Federation - 2.4% 382,880 Gazprom PJSC - ADR 2,126,515 27,324 LUKOIL PJSC - ADR 2,028,534 41,963 Magnit PJSC - GDR (f) 478,378 270,986 Mobile TeleSystems PJSC - ADR 2,409,065 31,553 Novolipetsk Steel PJSC - GDR (f) 606,449 256,440 Rosneft Oil Company PJSC - GDR (f) 1,334,514 51,591 Severstal PJSC - GDR (f) 676,874 25,522 Tatneft PJSC - ADR 1,148,490 10,808,819 Singapore - 6.3% 307,900 BOC Aviation Ltd. (c) 1,692,238 360,100 City Developments Ltd. 1,959,225 1,436,400 ComfortDelGro Corporation Ltd. 1,463,433 216,732 Flex Ltd. (b) 2,104,468 3,859,700 Genting Singapore Ltd. 2,143,671 57,400 Jardine Cycle & Carriage Ltd. 887,763 1,009,600 Keppel DC REIT (e) 1,835,766 45,503 Kulicke & Soffa Industries, Inc. 1,017,447 1,618,300 Mapletree Commercial Trust (e) 2,289,939 355,900 Oversea-Chinese Banking Corporation Ltd. 2,152,926 738,800 Singapore Airlines Ltd. (a) 1,996,757 448,300 Singapore Exchange Ltd. 2,626,237 10,719 United Overseas Bank Ltd. 147,885 305,300 UOL Group Ltd. 1,477,467 179,100 Venture Corporation Ltd. 1,938,751 962,500 Wilmar International Ltd. 2,710,308 28,444,281 South Africa - 1.3% 359,003 Aspen Pharmacare Holdings Ltd. (b) 2,844,411 56,410 Barloworld Ltd. (a) 215,311 435,259 Harmony Gold Mining Company Ltd. (a) (b) 1,417,163 1,303,485 Telkom SA SOC Ltd. 1,323,485 5,800,370 Spain - 0.4% 70,929 Mapfre SA 124,895 175,108 Repsol SA 1,630,316 1,755,211

Sweden - 7.8% Sweden - 7.8% 114,946 Boliden AB 2,492,153 295,565 Dometic Group AB (b) (g) 2,587,118 117,091 Electrolux AB - Series B 1,916,427 153,330 Getinge AB - Class B 2,828,636 70,269 Hennes & Mauritz AB - Class B 1,060,561 64,922 ICA Gruppen AB 3,048,836 119,048 Kinnevik AB - Class B 2,995,681 148,862 Sandvik AB (b) 2,464,082 123,189 Skanska AB - Class B (b) 2,460,288 151,301 SKF AB - Class B 2,775,944 909,769 SSAB AB - Class A (b) 2,251,638 51,232 Swedish Match AB 3,555,319 170,151 Trelleborg AB - Class B (b) 2,302,499 178,338 Volvo AB - Class B 2,523,111 35,262,293 Switzerland - 4.4% 46,981 Adecco Group AG 2,230,949 18,538 Chubb Ltd. 2,260,524 9,557 Dufry AG 281,826 249,941 Ferrexpo PLC 543,531 964,107 Glencore PLC 1,785,732 12,186 Helvetia Holding AG 1,080,085 29,214 Novartis AG 2,524,866 8,758 Roche Holding AG 3,032,983 95,266 STMicroelectronics NV 2,340,852 5,672 Swiss Life Holding AG 1,992,019 25,522 Swiss Re AG 1,729,981 19,803,348 Taiwan - 4.2% 947,000 Hon Hai Precision Industry Company Ltd. 2,390,761 9,370,000 Innolux Corporation 1,941,096 1,738,000 Lite-On Technology Corporation 2,784,273 432,000 Radiant Opto-Electronics Corporation 1,481,965 808,000 Sino-American Silicon Products, Inc. 2,362,778 1,993,000 Unimicron Technology Corporation 2,661,758 2,965,000 Wistron Corporation 2,824,280 646,000 Zhen Ding Technology Holding Ltd. 2,571,091 19,018,002 Thailand - 2.7% 632,600 Kasikornbank PCL - NVDR 1,909,136 4,222,000 Krung Thai Bank PCL - NVDR 1,380,346 693,700 PTT Exploration & Production PCL - NVDR 1,831,839 1,634,970 PTT PCL - NVDR 1,824,629 250,000 Ratch Group PCL - NVDR 550,141 1,714,600 Thanachart Capital PCL - NVDR 1,967,397 892,900 The Siam Commercial Bank PCL - NVDR 2,077,164 322,700 Tisco Financial Group PCL - NVDR (a) 760,846 12,301,498 Turkey - 5.0% 1,740,368 Eregli Demir ve Celik Fabrikalari TAS 2,053,795 1,631,793 Haci Omer Sabanci Holding AS 1,985,470 827,683 KOC Holding AS 1,958,338 216,240 Koza Altin Isletmeleri AS (b) 2,348,953 242,403 Pegasus Hava Tasimaciligi AS (b) 2,133,885 580,815 TAV Havalimanlari Holding AS 1,728,439 39,100 Turk Hava Yollari AO (b) 72,222 2,205,641 Turk Telekomunikasyon AS (b) 2,402,391 1,231,826 Turkcell Iletisim Hizmetleri AS 2,557,012 1,400,169 Turkiye Garanti Bankasi AS (b) 1,605,119 2,653,157 Turkiye Sise ve Cam Fabrikalari AS 1,882,472 5,451,760 Yapi ve Kredi Bankasi AS (b) 1,854,150 22,582,246 United Kingdom - 3.6% 275,338 Barratt Developments PLC 1,691,780 7,768 Berkeley Group Holdings PLC 393,264 61,413 Dialog Semiconductor PLC (b) 2,426,462 218,014 Fiat Chrysler Automobiles NV (b) 1,925,992 364,383 International Consolidated Airlines Group SA 1,029,356 742,496 J Sainsbury PLC 1,780,808 843,942 Kingfisher PLC 2,026,204 419,173 Royal Mail PLC 904,813 1,002,317 Taylor Wimpey PLC 1,779,430 1,428,207 Vodafone Group PLC 2,348,710 16,306,819 TOTAL COMMON STOCKS (Cost $525,572,188) 442,472,435

PREFERRED STOCKS - 1.5% PREFERRED STOCKS - 1.5% Brazil - 0.8% 162,781 Cia Paranaense de Energia 1,914,312 190,219 Telefonica Brasil SA 1,642,627 3,556,939 Germany - 0.7% 107,338 Schaeffler AG 823,840 14,922 Volkswagen AG 2,199,294 3,023,134 TOTAL PREFERRED STOCKS (Cost $9,165,777) 6,580,073

SHORT-TERM INVESTMENTS - 0.4% Money Market Funds - 0.4% 1,707,441 First American Government Obligations Fund - Class X, 0.091% (h) 1,707,441 TOTAL SHORT-TERM INVESTMENTS (Cost $1,707,441) 1,707,441

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.2% Principal Repurchase Agreements - 2.2% Amount 2, Citigroup Global Markets, Inc. - 0.070%, dated 05/29/20, matures 06/01/20, repurchase price $2,277,628 (collateralized by various U.S. $ 277,624 Government obligations: Total Value $2,323,177) 2,277,624 Deutsche Bank Securities, Inc. - 0.070%, dated 05/29/20, matures 06/01/20, repurchase price $675,173 (collateralized by various U.S. 675,172 Government obligations: Total Value $688,675) 675,172 HSBC Securities, Inc. - 0.060%, dated 05/29/20, matures 06/01/20, repurchase price $2,277,628 (collateralized by various U.S. Government 2,277,624 obligations: Total Value $2,323,176) 2,277,624 MUFG Securities International, Inc. - 0.070%, dated 05/29/20, matures 06/01/20, repurchase price $2,277,628 (collateralized by various 2,277,624 U.S. Government obligations: Total Value $2,323,176) 2,277,624 RBC Dominion Securities, Inc. - 0.070%, dated 05/29/20, matures 06/01/20, repurchase price $2,277,628 (collateralized by various U.S. 2,277,624 Government obligations: Total Value $2,323,177) 2,277,624 TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,785,668) (i) 9,785,668 TOTAL INVESTMENTS - 101.7% (Cost $546,231,074) 460,545,617 Liabilities in Excess of Other Assets - (1.7)% (7,768,123 ) NET ASSETS - 100.0% $ 452,777,494

Percentages are stated as a percent of net assets. (a) All or portion of this security is out on loan as of May 31, 2020. Total value of securities out on loan is $9,095,113 or 2.0% of net assets. (b) Non-income producing security. (c) Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities, according to the Fund’s liquidity guidelines. At May 31, 2020, the value of these securities amounted to $5,425,436 or 1.2% of net assets. (d) Less than 0.05%. (e) Real Estate Investment Trust. (f) Security exempt from registration under Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities, according to the Fund’s liquidity guidelines. At May 31, 2020, the value of these securities amounted to $3,096,215 or 0.7% of net assets. (g) Security exempt from registration under Rule 144(a) of the Securities Act of 1933. Such securities are treated as liquid securities, according to the Fund’s liquidity guidelines. At May 31, 2020, the value of these securities amounted to $2,587,118 or 0.6% of net assets. (h) Annualized seven-day yield as of May 31, 2020. (i) Investments purchased with cash proceeds from securities lending. As of May 31, 2020, total cash collateral has a value of $9,785,668. Additionally, total non-cash collateral has a value of $2,162,740. ADR - American Depositary Receipt GDR - Global Depositary Receipt NVDR Non-Voting Depositary Receipt -

Summary of Fair Value Disclosure at May 31, 2020 (Unaudited)

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America (“U.S. GAAP”) establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Fund’s investments as of May 31, 2020:

Description^ Level 1 Level 2 Level 3 Total Common Stocks $ 442,472,435 $ - $ - $ 442,472,435 Preferred Stocks 6,580,073 - - $ 6,580,073 Short-Term Investments 1,707,441 - - $ 1,707,441 Investments Purchased with Proceeds from Securities Lending - 9,785,668 - $ 9,785,668 Total Investments in Securities $ 450,759,949 $ 9,785,668 $ - $ 460,545,617

^See Schedule of Investments for country breakouts. Summary of Fair Value Disclosure at May 31, 2020 (Unaudited)

The following is a summary of the inputs used to value the Fund’s investments as of May 31, 2020:

^See Schedule of Investments for country breakouts. For the period ended May 31, 2020, the Fund did not recognize any transfers into or out of Level 3.